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Italy property news

Homes Go Fast

Buying Process in Italy

Buying property in Italy is normally a straightforward process, there can be a lot of Italian red tape and bureaucracy, and does tend to move slowly.

As with many countries you must first obtain a tax identification number (condice fiscale) from the authorities.

You will then make an offer on the property you wish to buy, this commits you to buying the property at the given price. When the seller accepts you will then pay a deposit of 10% (in most cases).

You and the seller will then sign a legally binding buying proposal (compromesso di vendita). This will outline the details of the purchase, including the completion date.

If the seller withdraws, they will be required to pay you double your original deposit, however if you withdraw you will loose your deposit.

On completion both you and the seller will sign the final contract (rogito) in the presence of a notary, who will then issue the deeds and inform the land registry to transfer ownership.

The remainder of the balance should then be paid along with all taxes.

Typical Fees and taxes

In total you should expect to pay around 15% of the purchase prices in costs

Stamp duty varies between 10% and 17% depending on its location (10% is typical for most properties classed as urban, where 17% should be expected for rural properties)

If you intend on moving to Italy permanently then you will be required to pay 4% stamp duty

VAT on new properties varies from 10% to 20% depending on weather the property is considered luxury

If you build your own property you can get a 4% reduction in VAT

Estate agent fees are between 3% and 5%

Notary fees are normally 3%

Legal costs are typically 2% of the purchase price

Local taxes (ICI) are between 0.4% and 0.7%